Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

ENCORE!

Haute Couture: the hand-stitched clothing made in Paris that sells for the price of small yachts

Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Netanyahu resists international pressure to stop air strikes on Gaza

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • Are French high school students getting smarter?

    Read more

  • Italy’s Trentin wins seventh stage of Tour de France

    Read more

  • Disgraced Suarez leaves Liverpool for Barcelona

    Read more

  • In pictures: Chanel, Dior and so much more at the Paris couture shows

    Read more

  • French ‘Civic Service’ eyes massive expansion amid huge demand

    Read more

  • In Pictures: Petrol station hit by Hamas rockets

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

France

Arbitrator orders Thales to reimburse Taiwan for kickbacks

©

Video by Luke SHRAGO

Text by News Wires

Latest update : 2010-05-04

The French defence group Thales confirmed Monday that it has been court-ordered to pay damages and interest on unauthorised commissions relating to the sale of six frigates to Taiwan in 1991. The amount comes to a total of 630 million euros.

AFP - Arbitrators ordered French defence group Thales on Monday to compensate Taiwan in a dispute over a warship sale in 1991, the company said, with reports putting the figure at hundreds of millions of dollars (euros).

"Thales has been ordered to pay damages and interest," a spokesman for the company told AFP, adding that the company would later announce the full amount of the payments ordered.

The newspaper Le Figaro reported that the amount was around a billion dollars (750 million euros).

It said the arbitrators ordered the payments to Taiwan to make up for unauthorised commissions that were paid to help Thomson-CSF, the company that later became Thales, win a deal to sell six frigates to Taiwan in 1991.

The contract governing the deal forbade such payments and stipulated that any illicit commissions would have to be repaid to Taiwan. The contract also said that any dispute would be settled by the panel of arbitrators.

The Thales company spearheaded the sale, but the main stake in the contract was held by the French state-owned shipbuilder DCN. Several sources said the French state would have to pay 70 percent of the penalty.

Date created : 2010-05-03

Comments

COMMENT(S)